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Binance’s stablecoin surge – Record inflows, BNB’s price action, and more…
Binance exchange has been witnessing a remarkable surge in stablecoin inflows, which is expected to have a significant impact on the crypto market. According to recent reports, Binance has recorded an astonishing $22 billion worth of stablecoin inflows in 2024 alone, which makes it the biggest driver of demand in the crypto space.
Notably, this sudden influx in stablecoin reserves held on all exchanges is quite impressive, as the exchange now controls approximately 67% of the total stablecoin reserves. This significant increase in liquidity is expected to have a profound impact on cryptocurrency flows.
Furthermore, analysis by DeFiLlama reveals that the stablecoin market capitalization on the Binance Smart Chain (BSC) has witnessed an incredible growth over the past three months. The data indicates that the market capitalization grew significantly, increasing from $5 billion in early November to $6.6 billion as of December 13th.
Although it is essential to note that this increase mainly represents liquidity within the network and not directly affecting Binance exchange itself, a surge in volume has been observed on the BSC platform. According to DeFiLlama data, the volume surged past the $2 billion mark for the second time in as many months, marking an all-time high.
On another note, the transaction count also witnessed significant growth, rising from approximately 3 million daily transactions recorded in September to over 5 million transactions within a short span.
Source: ambcrypto.com
